Wells Fargo is the latest in a string of banks to hop on the crypto bandwagon, with their investment management division working on a crypto investments strategy set to be rolled out in mid-June.
This will come as a welcomed surprise to clients of Wells Fargo. In December last year, John LaForge, Head of Real-Asset Strategy at Wells Fargo said the bank wasn’t recommending bitcoin because they simply didn’t have the infrastructure. Shortly before LaForge’s comments, bitcoin hit its record high of $19,245. Just four months later, it hit $63,729.
On Wednesday, President of Wells Fargo Investment Institute, Darrell Cronk explained, “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset.”
Which big bank will be next?